By Joseph Chalfant As the U.S. races to become fully vaccinated, Moderna announced it would open new production lines to make COVID-19 vaccines and booster shots. The company is adding two production lines to a current vaccination manufacturing plant outside of Boston, Massachusetts. It hopes to have the first line operational by this fall, with the other [...]
By Joseph Chalfant Lumber prices are falling fast from a record-high earlier this year. Cash prices for lumber, month-to-month lumber futures, and expectations for the lumber market are all sharply declining. For 14 out of the last 16 trading days, the price of lumber futures has decreased. According to the Wall Street Journal, on June 15, [...]
By Joseph Chalfant Major companies and financial institutions experienced website outages internationally on the morning of June 17. According to CNN Business, companies that suffered from the outages include Southwest Airlines, United Airlines, Westpac Bank, the Australia and New Zealand Banking Group, the Commonwealth Bank of Australia, the Hong Kong Stock Exchange, and Virgin Australia. Delta Airlines [...]
By Joseph Chalfant On June 16, Chairman of the Federal Reserve Jerome Powell held a highly anticipated press conference following the board’s May meeting where he announced the Fed would continue to keep interest rates near zero. Powell insisted that the country was continuing on an adequate path of economic recovery. In part of his opening statement, [...]
By Joseph Chalfant On June 11, the US House Subcommittee on Antitrust, Commercial, and Administrative Law introduced five bipartisan bills to take on Big Tech. The bills target Amazon, Apple, Facebook, and Google. Lawmakers seek to make it easier for government agencies to break up companies that abuse their dominant position in the marketplace to [...]
By Joseph Chalfant According to a survey conducted by the Federal Bank Reserve of New York, consumers' expectations for inflation are at an eight-year high. The New York Fed Survey of Consumer Expectations provides insight into how American households feel about spending, income growth, job prospects, inflation, and credit access. 1,300 households are surveyed for [...]
By Joseph Chalfant The U.S. and its allies are ramping up efforts to curtail Chinese 5G expansion across the world. According to the Wall Street Journal, the U.S. Department of Commerce is leading an initiative to provide countries with loans, training, and reference materials to assist foreign policymakers in developing their own 5G networks rather than relying [...]
By Joseph Chalfant On June 9, Canadian pipeline company TC Energy announced that the Keystone XL pipeline project was canceled. The 1,179-mile-long project came under fire on Inauguration Day, when President Joe Biden issued an executive order to cancel the permit for its construction. According to AP, the pipeline could have carried up to 830,000 barrels of [...]
By Joseph Chalfant Home prices continue to soar across the country despite a dip in mortgage applications. According to Fox Business, requests for mortgage applications fell by 3.1 percent in the past week, but the price of homes reached records for the fourth straight month. "Most of the decline in mortgage rates came late last week, [...]
By Joseph Chalfant Ohio Attorney General Dave Yost filed a lawsuit against Google on June 8 in an attempt to declare the tech giant a public utility. In a press release, the Attorney General's Office stated that the lawsuit would pursue two courses of legal action. Yost will seek to legally declare Google a common carrier [...]
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